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Writer's pictureGeorge Tsafandakis

Choosing The Right Business Partner

Updated: Nov 30, 2023

As human beings, we have an in-built sense and desire for community. In even the most individualistic of cultures, the individuals and organisations that exist there know that they cannot exist independently. This sense of collectivism is, I would argue, instinctive.

You may be familiar with expressions such as “no man is an island” or “if you want to go fast go alone but if you want to go far go together.” To be successful and achieve your potential, you need support. An interesting observation, Arnold Schwarzenegger in the documentary ‘Arnold’, said nobody is a self-made, everybody had help.



In this chapter we will discuss:

  • Examples of successful partnerships

  • Identifying the right people for a working relationship

  • Principles of a good working relationship

  • When to get someone out

  • Other sources of support

Example 1: the software engineer

Several years ago, a good friend of mine developed a concept for advanced analytics software in the telecommunications industry. To progress the idea and be first-to-market for the concept he felt that he needed to work on it full time. He proposed the concept to two potential investors. They agreed to form a company and pay him a full-time salary so he could build a prototype. After about nine months the application was ready for demonstration and they started landing customers. Over several years the company became very successful and was sold to an investor.


Example 2: the husband/wife team

Another example was one I heard on a business radio show. An entrepreneur was supported by his wife for five years while he was building his business and now the business has grown and has a large valuation.

A further illustration

Historically oxen have been used to assist farmers with ploughing of fields and other related work around their farms. Although not a common practice in modern commercial farming, oxen are still used in certain areas to support farmers in performing certain tasks around the farm. In harnessing oxen, a yolk is used as part of the mechanism to attach the ox to the plough while being driven by the farmer. The oxen are harnessed together jointly, by a common yolk. When observing this practice of ploughing with oxen, it is evident that the oxen are trained to pull together in unison. They are yoked together, using a common yoke (which is made of light and strong wood) in similar size and breed. Older ones or better trained ones can be used to help the farmer train the younger or lesser-trained ones (I did some reading about this on the New Zealand Digital Library web site). What you are also not very likely to see is an ox yoked together with a goat or a cow, it just would not work.

Learnings :

In example 1, I discussed my friend and his successful telecommunications software business. Over the years that he was in the business we often spoke about how things were going. I observed that when they formed the business him and his partners were clear about what they wanted to achieve and how they would achieve it. They were aligned on markets, strategy and technical and business approach. I also observed that they were equally strong in their individual skill sets. He was the key technology brains, partner two was the operational and management guru and partner three was the lead sales-guy. Their values and vision were aligned.

Looking at example 2, the husband and wife clearly decided to work together. For the situation to be successful and to allow the husband to pursue his business vision, him and his wife would need to agree that the business was viable and worth the sacrifice as a family. He would need to be convinced it was a good proposition that was worth the strain on his family and his wife would also have needed to be convinced that her husband was serious about the venture and not being silly and reckless.

Regarding the oxen, when pulling a plough both must pull together under the direction of the farmer to plough the field and allow the seed to be planted. Oxen with significant differences in physical strength and training will plough in circles, pull at different work-rates and the net result will be no seeds planted and no harvest.

When embarking on a new business venture, a new endeavour of any type in fact, it always helps to do it with someone. You work together, motivate each other, if one is tired the other spurs them on, you must arrive at work or training because you are accountable to the other person.

In the examples and illustration above, the consistent thread is that those involved needed to come to a working agreement.

Practical Application:

For achievement of business and personal objectives in life you need other people. You need their talents and resources; you need the input of individuals and other businesses. Here are some practical steps:

· Be clear on what you want to achieve, be clear on your vision and objectives. Write them out.

· Take an inventory of your skills and resources and identify the gaps you need to fill to achieve the visions and objectives, the technical skills, management skills, people skills.

· Will you need any cultural capital? If you are English speaking from the UK and wish to do business in the Far East or Africa, do you understand the business and people culture in those areas. If not, get someone who does. Cultural capital is very important for winning business because it helps you obtain trust and credibility

· Be clear on any financial capital you will need. Will you need Investors? Investors in your business must share your vision, they should ideally understand the business sector you want to operate in. This will provide you with not only financial capital but they will be a source of advice and wisdom.

· When choosing business partners, your value system must be. If all partners have a common set of values, it makes decisions easier and faster. The way you will conduct the business in the following areas must be clear:

  • Financially

  • Ethically

  • Morally

  • Professionally

  • How will you spend the money

  • Where you will invest

  • What is your approach to managing staff

  • Ensure your partners show the same commitment to the business venture as you and they have an equivalent amount of skin in the game (an expression meaning a similar set of pain/risk/reward at stake)

  • Get a good set of advisors. find people that have your interests at heart and have your back.

These are the questions you need to ask yourself and answer honestly before agreeing to do business. Together you succeed, together you fail. You will be in partnership, so make sure your contracts are sorted out and equitable before you embark on a business relationship.

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